Special: Decoding the Chancellor’s pre-Budget signals
Update: 2025-11-04
Description
Rachel Reeves' speech on Tuesday gave every indication that tax rises are on the way — though she was careful not to name names.
The challenge is clear: raising serious revenue usually means turning to the big three — income tax, National Insurance, or VAT. But Labour’s manifesto ruled those out, leaving the Chancellor with a fiscal puzzle and limited room to manoeuvre.
Joining CapX deputy editor Joseph Dinnage to make sense of it all are Reem Ibrahim from the Institute of Economic Affairs and Henry Hill from Conservative Home.
Stay informed with CapX's unmissable daily briefings from the heart of Westminster. Go to capx.co to subscribe.
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